The takeover of a British aircraft component maker by a Chinese rival has collapsed, leaving hundreds of jobs at risk.
Better Capital, the listed venture capital fund owned by Jon Moulton, the financier, had been poised to sell Northern Aerospace to Shaanxi Ligeance Mineral Resources. However, the £44 million takeover has fallen apart after an official national security inquiry.
The decision leaves the company and its 600-strong workforce facing an uncertain future. Mr Moulton said that the deal would have “protected” UK jobs, which have been under threat after the loss of a contract with Airbus, Northern Aerospace’s largest customer. He added that he was “surprised” that the Competition and Markets Authority had not cleared the deal in time for the takeover to proceed. (end of excerpt)
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